state has annual losses of over 100 million with ex-LBW

Debt forgiveness and credit restructuring decided with "subjective criteria". Some debtors have seen Parvalor cancel the claims they had obtained from bankrupt BPN in "unduly documented" proceedings. The company created by the state in 2010 (Socrates government) to recover the "toxic assets" of BPN is – it emerges from this audit – an expensive failure for Portugal. The state paid 3,956 million euros for a set of credits and guarantees that Parvalorem mandated to "manage, recover and settle". But the only verb applicable is even the last …

"At the end of 2015, the amount of 415 million (10.5%) was recovered in species and 170 million (4, 5%) in the assets resulting from the execution of the guarantees, "concludes the Inspecção Geral de Finanças (IGF), in this" confidential "audit to which the DN had access.C-is- say, only 15% of the value that Parvalorem was created to recover.At the same period, the company's management has "authorized debt cancellation for an amount of 159 million," adds the company. At the end of 2015 (when this inspection was concentrated, decided in 2016), the credit portfolio managed by Parvalorem included 83% of "impairments", ie amounts considered irrecoverable. , by the IGF: "The value still potentially recoverable was 585 million."

This seems to be a conc lusion even stranger, but the value of real estate that has been given as a guarantee for difficult credit has also declined – even as there is only an increase in the price of houses in Portugal … In two years, the value of these real estate guarantees has left another hole in the accounts of the company: there were "impairments" of these properties in 2014 (40%) and 2015 (38%).

"Subjective Criteria"

In the loan portfolio and in "debt cancellation", the company seems to have been expeditious. The auditors found "procedural flaws" that undermined the "assessment and justification" of the decisions. All this, concludes the IGF, "impedes the transparency of superior decisions and allows the application of subjective criteria."

The conclusions of the IGF are serious. What explains the existence of "cancellation / cancellation of debt" decided by Parvalorem and "unduly documented"?

The auditors also point out that the company employs 175 people (cost, in 2015, 8.4

All this has a cost: "The actual state charge was 4319 million". euros. "

All this has a cost:" The actual state burden was 4319 million euros. "With its" loss activity ", Parvalorem" depends on the financing of the project. State, resulting in annual losses of more than 100 million euros, "concludes the IGF.

The past Tecnoforma

" Parvalorem did not comply with some of the provisions what is "The list is wide: from compliance with the rules of public procurement, to the purchase of services and goods, to the fulfillment of fiscal obligations towards the State." State (that is, remember, the owner and the financier of the company)

In a company that has 15 elements receiving wages greater than 5001 eur who receive the Prime Minister, there is always a large car park: 23 personal cars.

Francisco Nogueira Leite is chairman of the board of directors of Parvalorem since 2012. Appointed by Vítor Gaspar and renewed, since then, by Maria Luís Albuquerque and Mário Centeno, the director is a friend of the company. former Prime Minister Pedro Passos Coelho. The two have known each other since the time they were JSD leaders. And they continued to have close roads. Until 2007, Passos and Nogueira Leite managed the Tecnoforma, where they left together